Archive for October, 2008
Contracts Ratified in Arlington takes HUGE dip as we head towards Election Day
October 29th, 2008 Categories: Arlington Dirt, Market Stats
Well, here’s your reporting for the time period between October 18 and October 24. I was surprised to see that only 19 contracts were ratified during this period of time. Anecdotally as we discuss the market activity amongst ourselves (as agents) we are seeing decent traffic, but I think right now, all eyes are on the economy and the upcoming election. We’ll see how things go for the next week or two but I think when we can all get back to business, after all votes are cast and counted, my own feeling is that we will see balance restored to the day to day activity of folks buying and selling real estate.
On a monthly basis, I will update my chart so we can see the moving average and how (and/or IF) it’s affected by the week to week changes in the activity.
For now, I know I have buyers who are writing contracts, so I’m doing my part – as I keep saying, the sky is still up there, folks!
Happy Wednesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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The Top 10 Reasons Northern Virginia is the BEST place on EARTH!
October 28th, 2008 Categories: Area Attractions, Local News, Northern Virginia Home Buying, Northern Virginia News, Northern Virginia Real Estate Dirt
I have had this post rolling around my head for weeks - trying to figure out the best way to put it out there… there’s so much depth behind EACH area that I think I need to publish them one at a time. I wanted to create my own list of why this area is so great for those of you who might be considering moving to the area whether it be a job, a new administration or whatever it is that might bring you here. So pull up a chair and sit for a while!
First some background… Other than the first 10 weeks of my life, which by the way, I have very little recollection of, I grew up here in Northern Virginia. Spent the first 5 years in Falls Church, then we moved to Reston. We lived there from 1st grade through 5th. Then we moved to McLean where we lived for the end of elementary school, all of middle and high school. My parents stayed in the area and I went off to Fredericksburg to the University of Mary Washington - not too far away! I then returned as a young adult, got my first place on my own, entered the job market and had a lot of fun living close to the city - oh, and did I mention having lots of fun?
After a few years, I left the area (followed a man, wouldn’t ya know) and moved to the San Francisco Bay area where we lived for 6 years, followed by a detour through the Atlanta area for 5 years and then, returned here to Northern Virginia because I believe it’s the BEST place on EARTH… So you see, I am actually highly qualified to write this post about our great community!
So now, without further ado, I offer you ONE of my TEN reasons why Northern Virginia is awesome!
PUBLIC SCHOOLS
Northern Virginia is home to some of the BEST, Top Tier public schools in the entire country. There are many places to go for quantitative information on Virginia Schools. The Virginia Department of Education website has a wealth of information on schools across the entire state. But one of my favorite sites is www.GreatSchools.net. It is the ONLY website I have ever run across that actually allows you to compare schools by test scores and also see other relevant information about the school.
According to Newsweek Magazine’s List of the Top 1,300 High Schools for 2008 article, the Northern Virginia region was home to 8 of the top 100 public high schools in the country!
There are many other reasons to love this area – so stay tuned as I bring them to you daily over the next 10 days!
Happy Tuesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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Contract Writing Update - 10/11/08-10/17/08
October 22nd, 2008 Categories: Arlington Dirt, Market Stats
Well, we saw our first major dip in contract writing last week – I like to wait until at least Tuesday because there may be some contracts that were written last week and not quite ratified yet – this gives us enough time to see things settle.
So last week there were only 31 contracts written… definitely a slow week. I’m watching closely (and writing a few of my own) to see where things head. Interest rates are up, which isn’t too good – and if they continue on this trend, it might be sleepy for the next few weeks. Then, after election day, I’m hoping there will be an onslaught of new buyers.
If you are coming to DC with the new administration, give me a call - I’m poised and ready to go!
Happy Wednesday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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Kudos to Arlington for a Great Street (or two)
October 21st, 2008 Categories: Arlington Dirt, Neighborhoods, Northern Virginia Real Estate Dirt
I just found out that the American Planning Association voted the Wilson 
Blvd/Clarendon Blvd corridor one of America’s 10 Great Streets for 2008. The urban feel, street level shopping, restaurants, clubs and other retail combined with commercial and residential spaces above was one of the main factors in determining us as a strong contender. I also learned some interesting facts about the Arlington population:
20% of Arlington residents don’t own a car
50% of Arlington residents walk, bike or use public transportation to commute to work
That’s amazing to me and really says a lot about the residents of Arlington County! The APA cites examples of the forward thinking Arlington County when they were able to get the rights to the metro routing in the 1960’s. This has lead to the creation of a community with above-average use of mass transit (the metro), reduced reliance on cars, mixed-use development, increased density and a reduced carbon footprint.
To learn more about the APA and other cities and streets that won this prestigious award, click here.
Meanwhile, if you’d like to learn more about real estate along this Great Street, give me a buzz. There are great condo projects like The Residences at Station Square, the Hartford and The Charleston; wonderful townhouse communities as well as single family homes in Lyon Village, Lyon Park, Ashton Heights and other areas as well that offer walking distance to this great area.
Call anytime to discuss!
Happy Tuesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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Weekly Contract Update - Arlington Virginia
October 14th, 2008 Categories: Arlington Dirt, Market Stats
Last I checked, the sky is still in the sky – this is just a brief update to an earlier post regarding contract writing. You see, I believe that examining contract writing takes an immediate pulse of where buyers are in any given situation.
For the week of October 4–10, 41 contracts were written – pretty decent and in line with what I would expect! So, with all of the news of bail-out and the feds dropping rates and acting in concert with other world leaders to help prop up our financial markets, I think we’ll see some people breathing a sigh of relief and we can get down to business - that is the business of selling houses!
I know of some terrific properties for sale in Arlington – if you’re interested in hearing about some of them, or want to look in other Northern Virginia areas, please call me – I’m ready to roll! If you want to list yours I’d be happy to talk with you about what to expect – it’s not all gloom & doom out there – trust me!
Happy Tuesday!~
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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The Farmer’s Market in Arlington Virginia - A MUST do!!
October 9th, 2008 Categories: Arlington Dirt, Local Events, Northern Virginia Real Estate Dirt
Today I decided to write about something many of you already know 
about – it’s the presence of a great farmer’s market right here in Arlington County. (Plus, I desperately wanted to write something that has nothing to do with the failing economy, the plunging stock market OR the upcoming elections!)
The Farmer’s Market can be found here in the parking lot across from the Arlington County Courthouse every Saturday from 8 until noon! Yep, that’s right, EVERY Saturday. They have a variety of items for purchase including (of course) fruits and vegetables; but you can also find herbs, flowers, plants, honey, jams & jellies, meats, cheeses and more. Click here to see the entire list. You can also see what months you can purchase certain items – it’s a great resource to print out and put on your ‘fridge.
The folks that run the farmer’s market have done a lot to ensure that Arlington county residents always have the freshest products available, that they have the opportunity to meet the growers but most importantly, they limit the distance to 125 miles that the providers are truly local! It’s been present here for the past 25 years!!
We’re lucky to have such a great resource – I encourage all of you to visit it regularly and support our local growers – we even had our Thanksgiving turkey from there one year!
Enjoy – Happy Thursday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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Arlington Virginia Home Sales Remain Steady - September 2008
October 6th, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Real Estate Dirt
I know you’ve been waiting for this post to see if you can get a handle on whether or not all this market madness is taking its toll. Well, c’mon, how could it not. Consumer confidence is pretty much in the dumps… loan programs are being cut left and right… investment accounts are sinking further every day – but hey, this makes real estate the perfect investment right now!
For Arlington, September numbers are pretty much in line with last September – so as far as trends, I’d say we’re right where I’d expect to be. Here are the sales figures for September 2008:
These average selling prices are somewhat off - but it’s difficult to take a month-at-a-glance snapshot because the entire thing could be swayed by a large sale, or a small sale, etc…
As for absorption rates, they look like this:
In most areas, they say that it gets dicey when absorption rates go double digits – we haven’t seen that here in years – so I say, let’s all stay calm!
So Where Do We Go From Here…
Per my last blog post, we can see that contract writing has remained steady… so that’s a good. The next few days and weeks will be interesting – we have an election and change in office coming up – that will bring many people to our fair city as well as send some packing (if you’re reading this and you’re one moving in or out, PLEASE call me!). I will be keeping a close eye on the real estate market and activity here. If you have a concern about a particular area, call or email me. I’m always happy to run personalized statistics!
I’m here when you need me – call anytime.
Happy Monday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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Contract Writing Activity in Arlington Virginia - NEWS FLASH… October 2008
October 3rd, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
Lately, it seems that the entire country is heavily focused on the financial crisis we are currently facing – most especially as it relates to obtaining mortgage financing. People are asking me how this news is affecting the real estate market. Just about every day someone wants to talk about how this has affected real estate transactions, business, prices, etc… anecdotally, if you have a down payment, good credit and income, not much has changed.
So I started wondering if in fact this has affected the number of homes going under contract in the past weeks. This morning I sat down and did some research on Arlington County. In fact, since the beginning of January, 2008, the LOWEST number of contracts written in any given week was the week of January 12th with just 33 contracts written. There was a dip last week (week of 9/19) which produced the 2nd lowest week with only 36 contracts written and I have to believe that it was a direct result of the bailout news.
The highest weekly contracts written occurred the week of June 21st with 65 contracts written. The average covering the 9 month period was just under 50 contracts/month. Here are the actual numbers graphed as well as a 4–week rolling average to better see a trend line:
I believe what we’re seeing is normal seasonality. Although the trend line heads down pretty steeply over the past few weeks, this week (the past 7 days), more contracts were written than in the previous 5 weeks time. So go figure…
What I do believe is that the market has knee-jerk reactions to global economic news and the general availability of mortgage money, the scare of whether or not the sky is falling in and how it will or does affect their financial position.
Any way you look at it, there will be people who need to buy and sell homes. In closing, is this a good time to sell? It’s not bad – with 40–50 homes going under contract each week (remember that’s upwards of 200/month) there ARE people buying homes. Is this a good time to buy? Well, if you have to buy, why not buy when the prices are fair, interest rates are low and sellers will negotiate? That sounds a lot better than the frenzy of just 4 years ago!
Please remember, always be responsible – do the right thing for yourself and/or your family. Be financially conservative and you’ll be way better off in the end.
I’m always happy to discuss this or anything else real estate related.
Happy Friday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is here!
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